Virtus Cumberland Municipal Bond ETF
The Virtus Cumberland Municipal Bond ETF (the 'Fund') is actively managed and seeks to maximize total return of income and capital appreciation. The Fund offers investors the opportunity to access Cumberland Advisors' portfolio strategy and its top-down economic approach to municipal bond management. The Fund employs a barbell structure emphasizing shorter-term and longer-term bonds. This helps the Fund benefit from the steepness of the municipal yield curve and allows it to capitalize from moves in the municipal bond yield curve and municipal 'centric' events, such as pre-refundings of municipal bonds and upgrades of municipal credits. The Fund will evolve over the interest rate cycle with changes in durations and maturities depending upon economic outlook, inflation, Federal Reserve decision making, and the shape of the yield curve. Cumberland's philosophy centers on the fact that markets often become significantly overvalued or undervalued, but will revert to mean valuations over time. Cumberland also analyzes the relative value of municipal bonds to taxable bond markets, such as U.S. Treasuries, over the entire spectrum of the yield curve.
Cumberland Advisors Inc.
Cumberland Advisors is a registered investment advisory firm headquartered in Sarasota, FL. Originally founded in 1973, the firm has clients in 48 states, the District of Columbia and several foreign countries. The firm has a wealth preservation bias and conservative investment orientation to manage both risks as well as returns.
David R. Kotok
Chief Investment Officer, Portfolio Manager
Industry start date: 1973
Start date with fund: 2017
John R. Mousseau, CFA
Director of Fixed Income, Portfolio Manager
Industry start date: 1980
Start date with fund: 2017
Positions & Distributions
|Security||% of Portfolio|
|DREYFUS TAX EXEMPT CASH 0.780||
|SALT LAKE ARPT REV-B 5.000 07/01/2042||
|NEW YORK CITY NY MUNI 5.000 06/15/2047||
|MA DEV FIN-M4 5.000 07/01/2044||
|AUBURN UNIV GEN FEE-A 5.000 06/01/2026||
|MO HWYS-A-REF-1ST 5.000 05/01/2026||
|UNIV SYS OF MARYLAND 4.000 04/01/2037||
|REGL TRANSPRTN-A-COPS 4.500 06/01/2044||
|BEVERLY HILLS USD 4.000 08/01/2040||
|DENVER SD #1 4.000 12/01/2041||
|Ex-Date||Record Date||Payable Date||Dividend Income||ST Capital Gains||LT Capital Gains||Distribution Total|
Performance & Risk
|1 Month||3 Month||YTD||1 Year||3 Years||5 Years||10 Years||Since Inception|
Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.
Sales Charge and Expenses
Fees & Expenses
|Gross Expense Ratio||0.80|
|Net Expense Ratio||0.59|
|Distribution Rate (as of 02/16/2018)||NA|
|SEC Yields (as of 01/31/2018)|
|SEC Yield Subsidized:||2.06|
|SEC Yield Unsubsidized:||1.39|
|Number of Days Fund has Traded at a:|
|Period||Less than -2%||-1.51% to -2.00%||-1.01% to -1.50%||-0.51% to -1.00%||-0.01% to -0.50%||0.00% to 0.50%||0.51% to 1.00%||1.01% to 1.50%||1.51% to 2.00%||Greater than 2%|
|2017-Q1: 1/17/2017 through 3/31/2017||0||1||0||1||19||32||0||0||0||0|
|2017-Q2: 4/3/2017 through 6/30/2017||0||0||0||2||50||11||0||0||0||0|
|2017-Q3: 7/3/2017 through 9/29/2017||0||0||0||5||54||4||0||0||0||0|
|2017-Q4: 10/2/2017 through 12/29/2017||0||0||0||8||50||5||0||0||0||0|
Documents & Resources
|ETFis Series Trust I - Prospectus Supplement - October 5, 2017|
|Virtus Cumberland Municipal Bond ETF (CUMB) - Prospectus - February 28, 2017|
Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Contact us at 1-888-383-0553 or visit www.virtus.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.
The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.
Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.
Closing Price: The Closing Price is the price of the last reported trade on the fund's primary exchange. If there has been no reported trade for a particular date, the Closing Price represents the 4PM Bid/Offer Midpoint.
4PM Bid/Offer Midpoint: The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00pm Eastern Time).
Premium/Discount: The amount the Fund is trading above or below the reported NAV (based on 4PM Bid/Offer Midpoint).
The Fund is an exchange-traded fund (“ETF”). The “net asset value” (NAV) of the Fund is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the Fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the Fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs such as the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00 pm midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00pm bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times.
SEC Yield is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30 day period by the current NAV at the end of the 30 day period. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the Subsidized Yield and Unsubsidized Yield will be identical.
Distribution Yield is the annual yield that an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the Fund and does not represent total return of the Fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.
Returns for periods of less than one year are cumulative total returns.
Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.
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